Neuland Labs, which had closed yesterday at Rs1390.65, opened higher at Rs1456 and went on to hit a new high at Rs.1534.10.

The stock is riding high on its performance for Q3FY21 with consolidated net profit surging 141% (YoY) to Rs.27 crore on a 20% rise in net sales at Rs.245 crore.

EBITDA for the quarter rose 61% to Rs.48 crore and margins jumped up from 14.2% to 19%.

The company said that the growth in earnings was due to growth across the Generic Drug Substances (GDS) and Custom Manufacturing Solutions (CMS) verticals. The driver of this quarter's CMS uptick has been the strong performance from the scaleup projects which have contributed to the revenues.

Its Unit 3 started commercial production and the company is currently shipping out 2 API's from this facility and going ahead, it expects this Unit 3 to be a major driver of its growth.